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Deficits, Democracy, and Demographics: Europe’s Three Crises.
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- Author(s): Hansen, Randall; Gordon, Joshua C.
- Source:
West European Politics; Nov2014, Vol. 37 Issue 6, p1199-1222, 24p- Subject Terms:
- Source:
- Additional Information
- Subject Terms:
- Abstract: This article argues that the EU and, above all, the eurozone are facing not one crisis – an economic and fiscal one – but three: an economic crisis, a crisis of institutions, and a crisis of demography. These crises are not simultaneous; they are overlapping and self-reinforcing, and there is a high degree of feedback across all three crises. Economically, the euro inflated economic growth and government revenue in the peripheral economies, giving those member states a false sense of their economic prospects. Institutionally, mechanisms were too weak at the EU level to prevent a dangerous escalation of asset (above all house) prices and too fragmented to confront the crisis through an immediate and decisive plan that would provide calm to the markets. Demographically, Europe’s economic and fiscal problems are and will increasingly be exacerbated by the continent’s demographic situation and its projected development, especially in southern Europe. [ABSTRACT FROM PUBLISHER]
- Abstract: Copyright of West European Politics is the property of Routledge and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
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